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I converted primary home to rental for 2 years and sold in 2020. I'm using Turbotax premier. Where to enter the closing cost paid at purchase? I paid real estate commissions on purchase so it's a material amount to add to the cost basis. I tried to add as a separate asset in the rental disposition section and Turbotax asks in service date treating it as asset or improvement. But purchase closing cost doesn't amortize, does it?
Thanks
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Do not include a separate asset, simply add it to the basis of the property.
Your amortized costs are only entered in the assets/depreciation section when you purchase the property. When you sell the property it just gets added to the cost basis of the property, or included in your sales expenses.
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